Evaluate the following index option positions in terms of their profit and spot index relations at expiration. In your evaluation include a profit table and graph that breaks down each strategy.

a. A long straddle formed with a 2,500 S\&P 500 call trading at 50 and a \(2,500 \mathrm{S \& P} 500\) put trading at 50 . Evaluate at spot index prices of 2,200, 2,300, 2,400, 2,500, 2,600, 2,700, 2,800, 2,900 and 3,000.

b. A simulated long index position formed by purchasing a 2,500 S\&P 500 call at 50 and selling a 2,500 S\&P 500 put at 50 . Evaluate at spot index prices of 2,200, 2,300, 2,400, 2,500, 2,600, 2,700, 2,800, 2,900 and 3,000 .